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Top 5 Spot Trading Crypto Exchanges

6 mins
Updated by Maria Petrova
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One of the first decisions a crypto investor must make is which trading platform they choose to buy and sell their assets. Yet, deciding which crypto exchange to use for spot trading can be daunting. When deciding which exchange is right for you, there are a few things to consider. Firstly, take note of the transaction fees, as some exchanges charge more than others.

Another important factor is the cryptocurrencies available for trade. So, you may find that some exchanges do not offer your favorite coins. In addition, the trading platform you choose should provide sufficient liquidity and not have any issues with regulation. In this article, we help make your decision easier. Read on to discover the top five spot trading cryptocurrency exchanges for 2023.

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What is crypto spot trading?

Spot trading in crypto refers to the buying and selling of crypto assets for immediate settling “on the spot.” This means when you buy or sell on a spot exchange, your goal is to trade your crypto or fiat at the current market price quickly. Conversely, futures trading refers to an agreement between a seller and a buyer to trade the asset at a specified price and at a later date.

The image below is an example of how spot trading works for buying or selling bitcoin with USDT executed on Binance. To set up a simple trade without any stop limits, just provide your bid details or ask price.

spot market trade binance
Spot market trade: Binance

A spot market includes a seller, buyer, and order books. Buyers provide a bid price for the market, which is the highest price they are willing to pay for that asset, and the asking price is the lowest a seller is willing to sell it for. All the bids and asks are recorded in the order book. Essentially, spot traders aim to buy low and sell high. Furthermore, the current price of any asset is referred to as the spot price.

Below we go over some of the top beginner-friendly exchanges for spot trading and the features they offer.

Top 5 Spot Trading Crypto Exchanges

Binance

Best for daily trading volume & liquidity
Availability
U.S., E.U., and 100+ countries
Supported assets
BTC, ETH, USDT, BNB, XRP, and 350+ more
Fees
From 0% to buy bitcoin, average 1.8% for fiat deposits (depending on location), BNB deduction 10% to 25% off
on trading
Minimum deposit
$10

Kraken

Best for leveraged trading up to 5x
Availability
E.U., U.K., U.S. (with restrictions) and 190+ countries
Supported assets
BTC, ETH, USDT, and 200+ more
Fees
Up to 0.26% to buy bitcoin, 3.75% on debit/credit card payments
Minimum deposit
$10

eToro

Best for low fees
Availability
U.S.
Supported assets
BTC, ETH, DOGE, ADA, and 90+ more
Fees
1% + the market spread to buy bitcoin, 0 fees on USD deposits, 0.5% on non-USD payments
Minimum deposit
$10
$10 – for US

Disclaimer

Cryptocurrency is offered by eToro USA LLC (“the MSB”) (NMLS: 1769299) and is not FDIC or SIPC insured. Investing involves risk, and content is provided for educational purposes only, does not imply a recommendation, and is not a guarantee of future performance. BeInNews Academy is not an affiliate and may be compensated if you access certain products or services offered by the MSB.

ByBit

Best for margin and futures trading up to 100x leverage
Availability
E.U. + 200 countries
Supported assets
BTC, ETH, DOT, USDT, LTC
Fees
From 0.1% to 1% or more per trade, 0 deposit fees
Minimum deposit
$10

OKX

Best for low fees and earning passive income
Availability
E.U. and 100+ countries
Supported assets
BTC, ETH, USDT, ADA and 370+ more
Fees
Up to 0.1% for trades, from 0.05% per slide for derivative trading, 0 deposit fees
Minimum deposit
$10

Spot trading comes with risk

Always keep in mind that while you can make good profit spot trading on a cryptocurrency exchange, there are risks to consider. The cryptocurrency market is immensely volatile. Practicing good risk management is key. This includes researching a coin diligently, studying its price history, setting up stop losses, and never investing more than you’re willing to lose. This goes for all types of trading, including grid, futures, and spot trading.

Frequently asked questions

What is the best crypto for spot trading?

What exchange trades the most crypto?

What is the biggest crypto trading market?

What is the safest crypto exchange?

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Xenia Soares
Xenia is a freelance writer and journalist in the web3 niche. Her work has appeared in major crypto publications around the world. She has been an investor in cryptocurrency since 2017 and believes digital currency will outpace our current economy in the future. Xenia has dabbled in trading and mining and now holds various coins. As showcased in her portfolio, she offers a multitude of writing services, including white papers, newsletters, and blog posts. Xenia regularly contributes to a...
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